Credit Card Payment and Debt Relief: Getting Help From Issuers

May 11, 2020

In response to the global pandemic, many credit card providers, lenders, insurers, and loan servicers have stepped up in unprecedented numbers to help. If you’ve lost your job, or are struggling to keep up with payments on limited hours and limitless stress, you have options.

Here’s a list of financial servicers offering credit card payment and debt relief to customers right now.

Credit Cards

Many credit card providers are offering assistance with options ranging from skipping a payment (without credit bureau notification) to customized payment plans. If you use these options, it won’t hurt your credit score, but in most cases, interest will continue to accrue.

American Express

American Express is offering relief payment options like lowered monthly payments and waived late fees, but cardholders must contact American Express directly to discuss options. For general questions and account management at American Express, see COVID-19 Support.

Get help: Contact American Express at 800-528-4800.

Apple Card

Apple Card, issued by Goldman Sachs, allowed cardholders to skip April payments without accruing interest. Other financial assistance plans may be able available to those impacted by COVID-19 through the Customer Assistance Program. Cardholders can enroll through iMessage on an Apple device or through the Wallet app.

Get help: Message or call a customer representative directly through the Wallet app.

Bank of America

Bank of America individual and small business customers can get help with payments, as well as refunded late fees, overdraft fees, and monthly maintenance fees. BofA is also offering personalized hardship assistance for impacted customers. Many assistance and refund requests can be made online through the Client Assistance Program. Customers looking for personalized help will need to call in.

Get help: Contact Bank of America at 800-732-9194.

Capital One

Capital One does not list any specific COVID-19 program details. Customers experiencing financial hardship are encouraged to contact Capital One directly but wait times may be longer than usual. Learn more at Capital One’s customer assistance.

Get help: Contact Capital One at 800-227-4825.

Chase

Chase cardholders may be able to delay a payment if they have been impacted by COVID-19. Cardholders can apply online for payment assistance.

Get help: Contact Chase at 800-432-3177

Citi

Citi cardholders can defer their minimum monthly payment for two billing cycles. No late fees are imposed, and customers can apply for assistance online. Citi is also offering a collection forbearance program, though cardholders need to contact Citi directly to apply.

Get help: Apply online, chat with a representative through the Citi Mobile app, or contact Citi at 800-950-5114.

Citizens Bank

Citizens Bank is offering cardholders delayed payment plans for up to 90 days. Late fees can also be waived. Cardholders should contact Citizens Bank directly to set up payment plans.

Get help: Contact Citizens Bank at 800-684-2222

Discover

Discover has support in place for cardholders impacted by COVID-19. Those experiencing hardship may find answers to their questions through the Coronavirus FAQs page.

Get help: Contact Discover at 800-497-2816. Cardholders can also reach customer support through the chat portal of the Account Center.

Synchrony

Synchrony is offering a range of financial assistance options including deferred payments, fee adjustments, and credit limit re-evaluations for card holders who need the extra cushion during this difficult time. Cardholders must contact Synchrony directly to discuss options.

Get help: Chat online with a customer service representative or call 877-295-2080

US Bank

US Bank will work with impacted cardholders, but does not list specific payment deferral or financial assistance plans. Cardholders must contact US Bank directly to make arrangements.

Get help: Contact US Bank at 800-285-8585

Wells Fargo

Wells Fargo cardholders can defer their monthly payment for up to three months. The fastest way to request assistance is through the online payment assistance request form available through online banking.

Get help: Enroll online or call 855-872-2923.

Student Loans

Student loan help is available through both federal and private lenders. If you’re unable to pay your student loans, you may be able to defer payments or create a more manageable payment plan.

Federal student loans

Payments for federal student loans have been automatically suspended through until Sept. 30, and retroactive to March 13, as part of the federal government’s coronavirus response. Keep in mind, this forbearance period is not debt forgiveness. If you need long-term help, you may be eligible for an income-driven repayment program, which sets your monthly payment as a portion of your income.

Get help: Contact your federal loan servicer directly or reach out to Sallie Mae at 800-472-5543.

SoFi

SoFi is allowing private loan holders to defer payments, though you will still accrue interest and extend the life of your loan. Those who need to defer can apply online through the account portal.

Get help: Contact SoFi at 855-456-7634.

Navient

Navient is offering assistance to private student loan borrowers but does not specify program details. If you’ve been impacted, Navient encourages you to access your account online or contact a customer representative by phone.

Get help: Contact Navient at 888-272-5543.

Education Loan Finance

Education Loan Finance is offering deferment and forbearance plans for impacted loan holders. Customers can contact their loan servicer, MOHELA or AES, directly to discuss options. Any deferment will likely continue to accrue interest and extend the life of your student loan.

Get help: Email answers@elfi.com or contact Education Loan Finance at 844-732-3534.

Insurance

Insurance companies are also deferring payments. Even better, some are even giving money back.

Allstate

In response to COVID-19, Allstate launched the Allstate Shelter-in-Place Payback. Under the program, customers who are able to pay their premiums in April and May will receive 15% cashback. Customers who cannot pay their premiums can delay payments for 60 days with no penalty.

Get help: Contact your insurance agent or Allstate directly at 877-810-2920.

Geico

Geico is offering a 15% credit on the next 6- or 12-month billing cycle for auto, motorcycle, and RV policy holders. The company has also paused cancellation due to non-payment through at least April 30, or longer, depending on your state’s shelter-in-place policies. Policyholders unable to make their premiums may be eligible for special payment plans.

Get help: Try Geico’s Virtual Assistant chat feature or call 800-207-7847.

Liberty Mutual

Liberty Mutual is offering a 15% refund on two months of auto insurance premiums. It also paused late fees and non-payment cancelations through June 1—or later in heavily impacted states. Customers who need payment due date extensions should contact Liberty Mutual directly.

Get help: Contact Liberty Mutual at 800-290-7933.

Personal Loans

You may also be able to defer your personal loan payment or set up a payment plan for longer term relief.

LendingClub

All LendingClub members have a 15-day grace period to make payments with no penalty. However, if you are unable to make your regular payments due to COVID-19, you may be eligible for a deferred payment plan or other relief. You can easily apply online through the Member Center.

Get help: Contact LendingClub through your Member Center or visit Coronavirus COVID-19 Response to learn more about the support and assistance we’re providing.

Other Issuers

If your provider isn’t mentioned here, reach out to them directly. More and more providers are offering hardship plans, including deferring payments, forgoing late fees, waiving interest and customized options. Call times will be longer than usual, so if your issuer offers online chat or email, you may want to start there.

You May Also Like

5 min read

What You Need to Know About the Paycheck Protection Program

As COVID-19 has made its way around the globe, countless self-employed, independent contractors, and small business owners are facing…

READ MORE
3 min read

COVID-19: Help and Support for Our Members

A message from LendingClub CEO Scott Sanborn—April 8, 2020 I hope you and your families are staying safe and…

READ MORE
7 min read

How to Start Saving Money in 10 Steps

Creating the discipline necessary for saving money on a regular basis is one of the keys to establishing a…

READ MORE